I like the Treehouse, usually go back and watch whatever parts I missed live thanks to the magic of Youtube. Just refeshing to see real, actual games in play instead of some CGI trailer that shows you nothing of what the actual gameplay is. Also speaks to a level of confidence in the product itself.
I also like the directs, it's more condensed and less mistake proof then a live show. You don't have all those awkward pauses where a 23rd stage presenter pitches their game. You don't get awkward messaging when someone flubs their line or their live demo is broken. Yeah, thats sometimes part of the fun, but it can also kill the momentum of a show. Directs are mostly game after game after game, which is great.
As for the actual show, I hope they show a bit more then just 2017. At least first half 2018. It seems like most of their stuff has been leaked to death already, so not really sure what they could really surprise us with....other then Retro's project, or maybe something with Platinum like Bayonetta 3? It sort of makes their stance on not showing stuff way far out kinda silly when it just leaks anyways.
They really need to take a few minutes and cram in the OS stuff, Netflix, other apps, online details, virtual console. Stuff that really should have been at launch but we've been patient.